Everybody want a piece of the national cake including you, the question is are you all in ?

Bitcoin may be innovative and great, but its past is rife with poor choices. I’ve compiled a list of the top five bitcoin gaffes, including the tale of the most infamous 92 billion BTC in history. these fuckups will make you rethink bitcoin on the street

Events that occurred

1. Someone hacked into existence 92.2 billion BTC each to two separate addresses
   A bitcoin developer named Jeff Garzik, on August 8, 2010 wrote on bitcointalk.org “ We’ve had a problem here, the ‘Value out’ in this block is quite strange”. He was referring to a block that had 92 billion BTC . CVE-2010-5139 (CVE means common vulnerability and exposure). The bug is know as common overflow error.
   In simple terms, Someone find out how to flood the code and produce an absurdly high number of bitcoin, the community simply pressed “undo,” resetting the blockchain to a point before the hack happened. problem is all transaction that has occurred before the remedy will have no record on the blockchain.
2. Someone throw $300m to the dump
   During an office clean out in 2013, James Howells destroyed the hardware from an outdated laptop carrying 8,000 bitcoins, and he now believes it is in a garbage dump in Newport, south Wales. Today, the total value of the bitcoin at an average price of $20,000 will be $160m, he had it in 2009 at almost the price of nothing. Will he ever get it back? 
3. He forgot the password to 7,002 bitcoin
   In 2011, When bitcoin was worth $5, Stefan Thomas was paid 7,002 bitcoin to make a video of how cryptocurrency works, he lost the digital keys to his wallet and now he have only two guesses left after trying out 8 guesses, if he’s wrong, the wallet will be wiped clean. Will he ever get the password right? 
4. BlockFi accidentally sent out bitcoin instead of USDT
   In hope of rewarding some promotional event by users, BlockFi accidentally paid out BTC instead of USDT, some users got as high as 700 BTC worth $28million dollars. They quickly realise the mistake but not before about 100 users already cash out the money. Even though it’s a big mess, they assure users that their money is safe and sound. 
5. Mt. Gox hacked twice
   Mark Karpeles, CEO of Mt. Gox was apologetic saying “the weakest point of my company was management”. He built the exchange from the ground up by himself alone. In 2011 the hacker that hacked the exchange mass sold bitcoin which saw the price of bitcoin drop from the high of $30 to a fraction of $1 dollar and in 2014, hacker got away with 750,000 BTC of customer’s bitcoin and 100,000 from the company itself.  However, Some people think Karpeles stole their money.

Final Thought

These bitcoin scenarios shed more importance on the lessons it has to teach on how to navigate the street of bitcoins and the mechanism bitcoin have put in place in other to self govern it.

however the take home from the lesson include;

1. Bitcoin have a community of developers know as Bitcoin core. Their job is to maintain and release bitcoin client software known as “bitcoin core”. It uses  BIPs as a formal process for the bitcoin communities to propose ideas, suggest changes and make improvements to bitcoin and all you need is to  own a bitcoin node to be able to contribute so that technical problems can easily be managed by the community. 
2. Remember that the storage, security and transactions are dependent on you. You need to take extreme caution in keeping and securing your sensitive information across the web. 
3. Know that bad players are moving around to take your bitcoin away from you. Be ready and self prepared for it.

Conclusion

What doesn’t kill you makes you strong, many event has happened that would have killed bitcoin. Infact, bitcoin has was said to be dead 400+ times and counting, and yet it is still here.

It is noteworthy to say that bitcoin is here to stay. Jump on the moving train or stand still while it leaves you behind.